prac

Question 1

choose co-founders

Answer 1

social-
human-
financial-
- capital

Question 2

Conflicts in Startup Teams happen when the 3Rs are misaligned

Answer 2

Roles
Relationships
Rewards

Question 3

conflicts are always bad in a startup
t or f

Answer 3

false
1.Conflicts are source of alignment
2. Conflicts shape the configuration of the Startup
3. The Founders‘ Relationship is the most determining factor in the Startup configuration.

Question 4

THE CLIMBER METAPHOR

Answer 4

choose the field
problem framing
brainstorm solutions

Question 5

customer research

Answer 5

talk to…
oberve…
be…
you potential customer

Question 6

Ground rules for interviewing

Answer 6

1. adopt beginners mindset
2. listen more than you talk
3. get facts not opinions
4. ask why to get motivations
5. its about learning not selling
6. dont mention solution to early
7. follow up
8. who else should i talk to

Question 7

the interviewing mindset

Answer 7

• you dont have the answer
• your potential customer doesnt have the answer
• talk in exporation not sales mode

Question 8

customer profile

Answer 8

pains
gain
jobs to get done

Question 9

Estimating costs - Top down

Answer 9

Analyze industry benchmarks to estimate costs. Research what similar businesses spend on materials, production, and marketing as a percentage of their sales.

Question 10

Estimating costs- bottom up

Answer 10

Calculate costs based on direct inputs. This includes the cost of wool per beanie, labor per hour for crafting, and any packaging and shipping costs per unit.

Question 11

customer pains:

Answer 11

• **Undesired **outcomes, problems, and characteristics
• Obstacles
• Risks (undesired potential outcomes)

Question 12

Customer gains:

Answer 12

• Required
• Expected
• Desired
• Unexpected

Question 13

Customer jobs

Answer 13

• Functional
• Social
• Personal/emotional
• Supporting (purchasing and consuming)

Question 14

Value map

Answer 14

• gain creator
• pain relievers
• products and services

Question 15

The Value (Proposition) Map describes…

Answer 15

the features of a specific value proposition in your business model in a more structured and detailed way. It breaks your value proposition down into products and services, pain relievers, and gain creators.

Question 16

products and services

Answer 16

Your list of products and services may also include supporting ones that help your customers perform the roles of buyer (those that help customers compare offers, decide, and buy), co-creator (those that help customers co-design value propositions), and transferrer (those that help customers dispose of a product).

Question 17

Pain relievers

Answer 17

They explicitly outline how you intend to eliminate or reduce some of the things that annoy your customers before, during, or after they are trying to complete a job or that prevent them from doing so.

Question 18

gain creators

Answer 18

Gain creators describe how your products and services create customer gains.

Question 19

The elements of the value pyramid

Answer 19

• social impact
• life changing
• emotional
• functional

Question 20

Transform the Value Map into a well written Value Proposition

Answer 20

“We offer… (Product/Service), which reduces… (Pain) & enhances… (Gain)

Question 21

TYPES OF REVENUE STREAMS

Answer 21

• Asset Sale
• Usage Fee
• Subscription Fee
• Renting/Leasing
• Licensing
• Brokerage Fee
• Advertising

Question 22

Prototype planning

Answer 22

1. riskiest assumption
2. Falsifiable hypothesis
3. data collection
4. indicator

Question 23

Financial planning for a startup

Answer 23

1. define goal and plan launch
2. determin startup costsm(investment)
3. determine monthly expences
4. estimate revenue
5. create cashflow projection
6. calculate financing needs

Question 24

1.Startup costs

Answer 24

WHAT WILL YOU NEED TO START YOUR PROJECT?
- Explain what you will invest in.
- Determine your initial investment cost.
- In this analysis include only your initial Fixed Costs

Question 25

2.Monthly expenses

Answer 25

HOW MUCH DO YOU NEED TO RUN THE OPERATIONS? - Determine your **variable costs** & other expenses (Team, Marketing, Materials...). - **Bottom-up Approach** - identify individual expenses and add them up to arrive at a total operating cost estimate. - **Top-down Approach** -Start with an overall estimate of the business's operating costs and then break that down into individual expenses.

Question 26

3.ESTIMATE REVENUE

Answer 26

HOW MUCH REVENUE WILL YOU HAVE IN THE FIRST YEAR? - **Bottom-up Approach:** Determine your price & how many “units” you are going to sell. - **Top-down Approach: **Determine the market's total size and set a realistic share of the market you will be capable of getting.

Question 27

4.INCOME STATEMENT

Answer 27

BUILD THE INCOME STATEMENT FOR THE 1ST YEAR * Revenues -Variable costs: Materials, Direct Labor, Overhead costs... * Gross Profit -Operating Expenses: Marketing, Rent, Salaries, Depreciation... * Net Income

Question 28

5.Cash-flow statement

Answer 28

Mention your total Financial needs

Question 29

the customer journey map is

Answer 29

a snapshot of how **customers engage with our product or service**. Objective: design better experiences for users!

Question 30

DEFINE YOUR GO-TO-MARKET STRATEGY

Answer 30

1.**Where** will you **start**? a.**Who** are going to be your early adopters? b.**How** are you reaching them? 2.**Where** will you go **next**? a.**Who** are they? b.**How** will you reach them?